First Associates Closes Recapitalization from Funds Managed by Stone Point Capital and Combines Operations with Portfolio Financial Servicing Company
San Diego, CA – July 16, 2019 – First Associates Loan Servicing, LLC (“First Associates”) is pleased to announce that funds managed by Stone Point Capital LLC (“Stone Point”) have acquired a majority interest in the company. This transaction positions First Associates well to continue to build upon years of partnerships with industry-leading clients, an ongoing commitment to excellence and a track record of delivering outstanding growth and performance.
As a key part of this transaction, First Associates and Portfolio Financial Servicing Company (“PFSC”), a current Stone Point portfolio company, will combine operations to form an industry leader. The combined organization will continue to specialize in loan and lease servicing, capital markets and customer service support with an exceptional focus on technology and compliance.
“First Associates is proud and excited to be joining the Stone Point family of companies and we are looking forward to the opportunities this transaction will enable us to bring to our clients,” said David Johnson, CEO. “We are excited to combine PFSC’s expertise in the commercial loan and lease servicing space with our consumer expertise. This combination of our two companies is a big win for the industry.”
Stone Point CEO, Chuck Davis, added, “We are looking forward to partnering with the First Associates team. PFSC has achieved significant growth since our investment in 2016, and we are thrilled about the prospects of the newly combined company.”
“Bringing together two industry leaders is always a game-changer,” said John Enyart, PFSC President. “Being able to combine all the knowledge, assets and leadership that PFSC and First Associates have together is an impressive prospect for the broader industry.”
About First Associates
First Associates offers in-depth industry expertise, cutting-edge technology and provides flexible, scalable and innovative solutions to meet the demands of any company. Their best-in-class financial service solutions deliver accelerated performance, enhanced capability & economic advantage.
First Associates is proud to have earned a Morningstar Credit Ratings’ highest ranking for the past two years certifying their overall excellence in loan servicing and commitment to first-class security and compliance. www.1stAssociates.com
About Portfolio Financial Servicing Company
Portfolio Financial Servicing Company is a third-party private label servicer of commercial and consumer leases, loans and annuity type transactions (inclusive of structured settlements, lottery prize and royalty-based receivables). Since 1992, PFSC has serviced billions in asset value for a diverse group of clients across the U.S. and Canada. PFSC provides a comprehensive suite of services including primary servicing, successor servicing and backup servicing. PFSC also provides certain focused services such as document custodianship and verification agent services, multi-state vehicle titling and multi-state sales/use and personal property tax reporting and compliance. www.pfsc.com
About Stone Point Capital LLC
Stone Point Capital LLC is a financial services-focused private equity firm based in Greenwich, CT. The firm has raised and managed seven private equity funds – the Trident Funds – with aggregate committed capital of approximately $19 billion. Stone Point targets investments in the global financial services industry, including investments in companies that provide outsourced services to financial institutions, banks and depository institutions, asset management firms, insurance and reinsurance companies, insurance distribution and other insurance-related businesses, specialty lending and other credit opportunities, mortgage services companies and employee benefits and healthcare companies. www.stonepoint.com
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